Apple (AAPL, Financials) temporarily reduced the cost of its streaming service Apple TV by 70%, offering subscriptions at $2.99 per month through April 24 for new and returning users. The discounted rate will apply for three months before reverting to the standard $9.99 monthly fee.

The price cut coincides with the April 11 premiere of the new original series Your Friends and Neighbors, starring Jon Hamm. It follows a similar move earlier in the year when Apple made its TV+ content free during the first weekend of January.

Apple TV+ originally launched in 2019 at $4.99 per month. The service raised prices to $6.99 in 2022 and again to $9.99 in 2023 as the company expanded its content lineup.

The company is estimated to have 45 million subscribers, but the streaming unit continues to post losses of approximately $1 billion annually. Industry analysts have attributed the deficit to Apple's continued investment in high-budget original programming as it seeks to compete with streaming leaders such as Netflix and Amazon Prime Video.

Apple TV+ is housed within the company's Services division, which brought in $26.34 billion in revenue last quarter, up from $23.11 billion during the same period last year, according to the company.

Shares of Apple closed at $172.42 on April 9, down $9.04 or 4.98% from the previous close. The stock dropped further in after-hours trading to $169.45, a decline of $2.97 or 1.72%. The drop followed a new round of import tariffs announced by President Donald Trump, which investors believe could impact Apple's supply chain and increase costs for its hardware business.